BASF Se

Q3 performance: strong EBITDA rebound driven by “core” businesses - EBITDA before special items: +15% YoY to EUR 1.6bn (broad-based improvement across all core segments). - Sales dynamics: momentum from price increases across all 4 core segments in Q3; currency headwinds eased and turned into a slight tailwind. - Volumes: volume growth continued in all core segments; strongest contributions from Chemicals and Nutrition & Care. - Notable negatives inside Q3: Surface Technologies EBITDA fell YoY, mainly due to a prior-year one-off government grant (Metivo/ECMS); Other down partly due to higher bonus provisions.

Agricultural Solutions: weak Q3 (seasonal + market + ERP-related timing) - Q3 sales: ~20% lower to EUR 1.4bn. - Main drivers: lower volumes (especially South America, challenging environment) and sales brought forward into Q2 due to ERP migration; rollout now completed. - Pricing pressure: high competition in South America hurt pricing power; fixed costs lower but didn’t offset enough. - Outlook for Q4: expects the usual seasonal strengthening vs Q3; guidance implies Q4 performance should resume, with full-year still below prior year.

Full-year outlook upgraded on earnings, but cash-flow guidance unchanged (key “good vs bad” split) - 2026 EBITDA before special items (forecast): raised to EUR 7.4–7.8bn - Management cited strong YTD core performance and improved visibility → narrowed/upward-tuned range (lower end raised, upper end slightly higher). - 2026 free cash flow guidance unchanged: EUR 1.5–2.3bn - Why free cash flow not raised: working capital drag (higher receivables + inventory from higher feedstock prices), plus ongoing transformation spending. - Q4 cash confidence: management expects stronger cash collection in Q4; free cash flow outcome still depends heavily on feedstock/oil & gas price levels.